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Fair Values (Tables)
9 Months Ended
Sep. 30, 2014
Fair Values (Tables) [Abstract]  
Fair value assets and liabilities measured on recurring basis

The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis, categorized by GAAP’s valuation hierarchy, as of September 30, 2014 and December 31, 2013:

2014  2013
(Millions)Total  Level 1  Level 2  Level 3  Total  Level 1  Level 2  Level 3
Assets:              
Investment securities:(a)              
Equity securities$ 1   $ 1   $  $  $ 124   $ 124   $  $
Debt securities and other 4,749 349    4,400      4,892 320    4,572   
Derivatives(a) 822    822      701    701   
Total assets 5,572    350    5,222      5,717    444    5,273   
Liabilities:              
Derivatives(a) 246      246      213      213   
Total liabilities$ 246   $  $ 246   $  $ 213   $  $ 213   $

  • Refer to Note 5 for the fair values of investment securities and to Note 8 for the fair values of derivative assets and liabilities, on a further disaggregated basis.

Estimated fair value of financial assets and financial liabilities

The following table discloses the estimated fair value for the Company’s financial assets and financial liabilities that are not required to be carried at fair value on a recurring basis, as of September 30, 2014 and December 31, 2013. The fair values of these financial instruments are estimates based upon the market conditions and perceived risks as of September 30, 2014 and December 31, 2013, and require management judgment. These figures may not be indicative of their future fair values. The fair value of the Company cannot be reliably estimated by aggregating the amounts presented.

Carrying  Corresponding Fair Value Amount
2014 (Billions)ValueTotalLevel 1Level 2Level 3
Financial Assets:    
Financial assets for which carrying values
equal or approximate fair value  
Cash and cash equivalents$ 21 $ 21 $ 20 $ 1 (a)$
Other financial assets(b)$ 48 $ 48 $ $ 48 $
Financial assets carried at other than fair value
Loans, net  $ 66   $ 66 (c)$ $ $ 66
Financial Liabilities:    
Financial liabilities for which carrying values
equal or approximate fair value$ 60   $ 60 $ $ 60 $
Financial liabilities carried at other than
fair value
Certificates of deposit(d)  $ 7   $ 7 $ $ 7 $
Long-term debt  $ 56   $ 58 (c)$ $ 58 $
Carrying    Corresponding Fair Value Amount
2013 (Billions)ValueTotalLevel 1Level 2Level 3
Financial Assets:
Financial assets for which carrying values
equal or approximate fair value  
Cash and cash equivalents$ 19 $ 19 $ 17 $ 2 (a)$
Other financial assets(b)$ 48 $ 48 $ $ 48 $
Financial assets carried at other than fair value
Loans, net  $ 67   $ 67 (c)$ $ $ 67
Financial Liabilities:    
Financial liabilities for which carrying values
equal or approximate fair value$ 60   $ 60 $ $ 60 $
Financial liabilities carried at other than
fair value
Certificates of deposit(d)  $ 7   $ 8 $ $ 8 $
Long-term debt  $ 55   $ 58 (c)$ $ 58 $

  • Reflects time deposits.
  • Includes accounts receivable (including fair values of Card Member receivables of $6.2 billion and $7.3 billion held by consolidated VIEs as of September 30, 2014 and December 31, 2013, respectively), restricted cash and other miscellaneous assets.
  • Includes fair values of loans of $28.1 billion and $31.0 billion, and long-term debt of $15.6 billion and $18.8 billion held by consolidated VIEs as of September 30, 2014 and December 31, 2013, respectively.
  • Presented as a component of customer deposits on the Consolidated Balance Sheets.